There’s an interesting Q&A article with Bank of America’s Matt Vernon in RISMedia‘s November issue of Real Estate Magazine. Vernon is the Executive who overseas Bank of America’s Consumer Sales of Home Loans Division. In the article, Vernon covers lots of issues that relate to the current market for property for sale in Lafayette, CA. 
What stood out for me, though, was Vernon’s concern that buyers aren’t fully valuing the big upside of today’s current market, low interest rates.
Interest Rates should remain a critical factor in Home Buying Math.
“I worry that people may miss their opportunity to buy if they try to time the market,” Vernon said.
“We all read the news reports that predict where prices will go. One report says they will rise. The other says they will drop.
It’s easy for consumers to get caught up in the conflicting stats and then hold off on purchasing a home because they think that prices will drop further and they will save money.
Generally speaking, attractive interest rates are a more important decision-driver than home sale prices. I’m sure there are people out there who, because they are trying to time to the market, are missing an opportunity of a lifetime to buy a home at an attractive price and at an attractive monthly mortgage payment.
We stress over and over again that the right time to buy a home is when a home matches the potential home buyer’s unique life stage and financial circumstances.”
Read the full Q&A with Bank of America’s Matt Vernon by clicking to view the digital edition of the Real Estate Magazine. The article begins on page 76.